Recent federal legislation will soon require individual taxpayers (landlords, small business persons and others) to accumulate information and to send out a form similar to a 1099-MISC. In a era of rampant identification theft, the reporting individuals social security number is available to anyone viewing the tax form!
It is strongly recommended that every affected (or potentially affected) individual taxpayer obtain (or instruct their professional tax preparer to obtain on their behalf) a Federal Employee Identification Number (FEIN) for reporting purposes. There is no charge from the Internal Revenue Service. An ounce of prevention....
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